Chrysalis Profits Surge As Outperformance Continues

Fresh from the success of overtaking Capital 95.8FM with its Heart 106.2 station in London, Chrysalis has today revealed a substantial jump in pre-tax profits, from last year’s £5.8 million to £23.9 million this time. Group earnings were up by 6.0% to £14.2 million.

During the course of the year Chrysalis Radio acquired London News Radio (LNR) from GWR (see Chrysalis Takes GWR’s LNR And Sells Galaxy 101) and also sold off its television businesses to management (see Chrysalis Makes £45m TV Sale To Former ITV Heads). The group has realised £50.8 million on the television sale and relaunched the two LNR stations in January this year.

Current trading Chrysalis Radio has been outperforming the radio industry as a whole for some time now. Radio revenues rose by 12.4% on a like for like basis (that is, excluding LBC and the disposal of Galaxy 101). This compares to an estimated rise of just 3% for the radio industry as a whole, over the course of the year.

The group is expecting that first quarter revenues will be up by 17.5%, versus an anticipated industry growth of between 5% and 6%.

Commenting on the results, chairman Chris Wright said: “This has been another good year for Chrysalis Group, evidenced by continued outperformance from our radio and music businesses and strong progress in the execution of our corporate strategy.”

Shares in Chrysalis Group were up by 1.4% at 223p by mid-morning today.